External monetary policy adviser appointed

The Reserve Bank today announced the appointment of Mr Malcolm Bailey as one of the Bank's two part-time external monetary policy advisers.

This appointment replaces Dr Brent Layton, who has served in this capacity for two years. The Bank employs two external advisors on one year contracts with one possible renewal. The appointees take part in the provision of advice to the Governor that leads up to his setting the Official Cash Rate eight times a year. The other adviser is Ms Kerrin Vautier.

Mr Bailey is a dairy farmer from Feilding and a former President of Federated Farmers. He has also served as a trade ambassador for New Zealand and as a new economics graduate he worked at the Reserve Bank in the early 1980s.

Reserve Bank Governor Alan Bollard commented "The Reserve Bank employs these advisors to help ensure that the Bank is well-informed about developments in the New Zealand economy and to bring additional outside perspectives into our processes. From experience, these appointments do add significant value to the Bank by bringing in fresh ideas and viewpoints."

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